Lucent restates revenue downward by $125 million

Lucent Technologies last week adjusted its revenue downward by US$125 million and its earnings by 2 cents a share for its fiscal fourth quarter of 2000.

Lucent discovered "a revenue recognition issue" that reduced revenue and dropped earnings for the quarter ending Sept. 30, company officials said.

The revenue issue was uncovered while Lucent completed its fiscal year report, officials said. The announcement means Lucent missed revised expectations of 17 cents a share by a penny for the fourth quarter, according to First Call/ Thomson Financial.

Prior to last week's adjustment, Lucent had reported a fourth quarter income of $600 million, or 18 cents a share, on revenue of $9.36 billion.